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Welcome to. Companion PowerPoint Presentation for the Introduction to Housing textbook. Renting as a Tenure Choice. Renting can be the best choice at times. 1/3 of Americans rent How to decide? Assess your housing values Determine your housing budget

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  1. Welcome to... Companion PowerPoint Presentation for the Introduction to Housing textbook

  2. Renting as a Tenure Choice

  3. Renting can be the best choice at times • 1/3 of Americans rent • How to decide? Assess your housing values Determine your housing budget Difference between your regular monthly expenses and your monthly take-home pay=what you can afford for rental housing

  4. Advantages of renting • Small initial investment & low transaction costs • Minimum financial risk • Monthly costs are fairly easy to predict • Flexibility • Special services

  5. How to find the right place? • Local newspaper/Web sites • Ask friends & relatives • Visit various complex • Check with a rental agency • Visit several units, narrow to 2-3, & compare costs & what choice maximizes advantages

  6. Lease—a written & dated legal document that governs the rental of property • description of property • length of occupancy • names of owner & tenant • amount of rent, when due & late charges • responsibilities for maintenance • requirements for terminating lease • rules & regulations

  7. Check that rent stays the same • List provisions you want changed—agree to in writing • Implied warranty of habitability—the landlord’s right to collect rent is contingent upon providing a dwelling fit to live in • Provides for quiet enjoyment—enjoy your own lifestyle within the rules • Watch out for danger clauses

  8. Security deposit • Usually equal to one month’s rent • Protection for owner & motivation for renter to live up to lease • Owner can use to cover damage costs Return of security deposit is a major complaint by renters

  9. Be a defensive renter • Discuss expectations & requirements • Obtain a receipt for deposit • Inspect property & complete checklist • Take pictures/video before moving in • Complete a checklist and take pictures/video when you move out • Give address for return of deposit

  10. Roommates • Advantages—companionship & sharing of work load & finances • Consider: method of signing lease coordination of expenses suitability & compatibility division of household work standards of cleanliness comfort

  11. Other issues • Renter’s insurance—personal liability & your possessions • Subletting—rent your unit to someone else • Eviction—legal process by which a tenant is required to vacate a dwelling before the lease has expired

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